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What millennial business owners really need to know

Thinking of running your own business? Check out these startup tips.

A vacant office in the UK. Image: Tim Sandle
A vacant office in the UK. Image: Tim Sandle

As a demographic group, millennials are rising in the entrepreneur and small business space. To a degree the coronavirus situation has ] caused a shift in what people want, and this has probably spurred many millennials to bring forward their entrepreneurial goals.

Nonetheless, it is a long process to bring a business to life. To gain an insight into the dynamics, Digital Journal spoke with Olivia Starling, founder and CEO of the jewelry brand Starlette Galleria.

Starling  highlights that even though starting a business can be an overwhelming and daunting task. However, she also says “there are ways to help make the process far easier, more enjoyable and more successful.”

For Digital Journal readers, Starling provides five important things to know every millennial business owner needs to know.

Tip #1: Remember that this is not your parents’ business

The way that we do business today looks completely different than the way our parents did business. If you are anything like me, your parents might not understand what you do at all. And that is ok. Just remember they have valuable insights, but it might not align with the digital age we live in.

Tip #2: Know how to do every job in your business

Don’t hire out a position before having some kind of basic understanding of how to do it yourself. When you first start out and it’s only you, you will know how to do everything. But once your business grows and scales, you will start hiring out various roles. Before you make decisions on how to grow, make sure you understand the job you are hiring out. I have seen well-intentioned business owners get burned because they blindly trusted that a job was being performed correctly. Before you hire, you need to know the basics.

Tip #3: Invest in a mentor

Find someone that is where you want to be, and hire them to lead you on the path to success. You are paying to learn from their mistakes, gain their network, and accelerate your growth. I have spent up to $1k a month on mentors, and I have never regretted that decision.

Tip #4: Stop asking people for directions to places they have never been

Be careful about who you ask advice from. Well-intentioned friends and family might throw out advice easily, but if they are not in the same arena as you, or someone you look up to in business, don’t ask them for advice. They can take you far off the path you are supposed to be on.

Tip #5: Know that it’s great being the youngest person in the room

Don’t ever feel intimidated by age. Being young is your superpower. Use your intuitive tech skills, ability to pull late nights, and youthful energy as a weapon as you grow your business. You are never too young or too old to start something amazing.

Written By

Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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